Author: Wang Yanhua
HO CHI MINH — Enzo Wang only purchases his favourite Chunghwa cigarettes from duty free shops at the airport or from friends. The premium brand of Chinese cigarettes is highly popular in the Chinese market, but Wang has difficulty finding real products.
“I bought them from street vendors twice, but they just smell different,” Wang told Block Asia.
Counterfeit products are notoriously rampant in Asia. Purchasing real consumer products should be straightforward and uncomplicated, but sadly, it is often anything but. This deeply-entrenched problem poses health risks to consumers and funds criminal activities.
Wang saw in this problem a business opportunity. He started Linfinity last year, with an aim to decrease counterfeit products, shorten delivery times, and reduce inter-company costs with the implementation of blockchain technology.
Wang said, “For example, we can have a QR code on every product. When it’s scanned, customers can know every stage that each item went through before ending up at the store, so they know whether it’s genuine or not.”
“We are starting with tobacco, Chinese liquor, and cosmetics. There are a lot of fakes in these areas,” he added.
DEBUT IN VIETNAM
Wang was a keynote speaker representing Linfinity at Blockchain Festival Vietnam, where Linfinity was a Platinum sponsor.
“Blockchain technology meets the growing needs of individuals, organisations, and society in the pursuit of transparency, benefits, and happiness. Linfinity is committed to providing solutions for the supply chain and promote innovation,” Wang said in his speech.
Linfinity marked its debut in Vietnam with the event. “In our community, Vietnam is our third largest group, preceded by China and the United States,” Wang told Block Asia.
He said, “Vietnam has lots of young people who are interested in blockchain. This is our first time in Southeast Asia, and we hope to seek more corporate clients in supply chain management.”